AMRI to Get Milestone Payment from Bristol-Myers Squibb

Wed. November 04, 2009; Posted: 12:53 AM

Nov 04, 2009 (Close-Up Media via COMTEX) -- BMY | Quote | Chart | News | PowerRating -- AMRI announced that a third compound being developed under its license and research agreement with Bristol-Myers Squibb Company will proceed into preclinical development.

AMRI said that it will receive a $750,000 payment from Bristol-Myers Squibb for the completion of this milestone, marking the fifth milestone payment in the ongoing research collaboration between the two companies.

Under the 2005 licensing agreement, Bristol-Myers Squibb received an exclusive license to develop and commercialize a series of biogenic amine reuptake inhibitors from AMRI's proprietary research program. To date, Bristol-Myers Squibb has selected two compounds from this program for approval to initiate Phase I studies. The two companies will continue to evaluate additional compounds under this collaboration to develop improved treatments for diseases of the central nervous system (CNS).

Per terms of the agreement, AMRI is potentially eligible to receive up to $66 million per compound in development and regulatory milestone payments for the first two compounds, and additional potential payments of up to $22 million per compound on subsequent compounds. In addition, AMRI will receive royalties on worldwide sales of commercialized compounds.

Albany Molecular Research, Inc. provides scientific services, products and technologies focused on improving the quality of life.

((Comments on this story may be sent to health@closeupmedia.com))

For full details on Bristol-Myers Squibb Co (BMY) click here. Bristol-Myers Squibb Co (BMY) has Short Term PowerRatings of 5. Details on Bristol-Myers Squibb Co (BMY) Short Term PowerRatings is available at This Link.

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